Saudi Arabia's minister of energy said population growth and rising living standards across most of the developing world would see energy demand continue to soar in the coming decades.
"Energy demand is expected to rise by about 45 percent by the year 2050, that is a huge amount of new energy supply that needs to be provided," Khalid al-Falih said.
While new energy will continue to gain ground, the same sources that dominated the past will continue to account for the lion's share of supplies for the foreseeable future, he added.
"By 2050 — surprisingly to many of us — (renewables) will only account for about 10 percent of the primary energy demand, and this is despite a very rapid growth rate," al-Falih added.
"Petroleum, natural gas, and coal will continue to account for about 75 percent of the supply of energy by 2050."
Source: Bloomberg Pro Terminal
Trader Bozhidar Arabadzhiev
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.